Tatler looks back at the illustrious life and career of banking behemoth Tan Sri Teh Hong Piow
"No one has a crystal ball that can tell you whether you will succeed or not. But you can control how you handle those around you and their impact on your goals," Tan Sri Teh Hong Piow once said.
The Public Bank Berhad founder and chairman emeritus, one of Malaysia’s key icons in the banking and financial sector, passed away on December 12, 2022, at 92. Hailed as an amazing and visionary leader, Teh was instrumental in setting up and building Public Bank Berhad, and bringing evolution to Malaysia's banking and finance industry through its products and services.
Last year, Teh was listed as one of the richest billionaires in the world and the third richest man in Malaysia, with an estimated net worth of US$5.9 billion (approximately RM24.8 billion).
Read more: Top 10 Malaysian Billionaires on Forbes' Richest in 2022
Born and educated in Singapore, Teh began his banking career in 1950. He worked as a clerk with Oversea-Chinese Banking Corp Ltd (OCBC Bank) at the age of 20, earning a salary of just RM130 a month. Within five years, he rose the ranks to become an officer.
In 1960, he joined Malayan Banking Berhad (Maybank) as a manager. Four years later, he was promoted to the position of general manager—he was only 34 at the time. During his years with Malayan Banking Berhad, he was part of the team that led the bank’s branch network expansion. Soon after, he left the bank to set up Public Bank Berhad.
In the early days, the Malaysian operating environment was dominated by long-established, foreign-controlled banks which were almost exclusively catering to the wealthy. Public Bank Berhad was founded in 1965 with Teh's vision of wanting to be "a bank for the people" to address the needs of the masses. Business operations commenced on August 6, 1966, with its first branch in Jalan Gereja, Kuala Lumpur.
By the end of 1966, Public Bank Berhad’s paid-up capital stood at RM12.75 million and the following year, it was listed on Bursa Malaysia with paid-up capital of RM16 million—a record for a commercial bank during that time.
Teh dedicated himself to building Public Bank Berhad and evolving it into a modern and integrated financial institution. He oversaw its expansion to a wide network of branches both locally and regionally. Today, Public Bank Berhad has 293 domestic and 150 overseas branches, and a presence in markets such as Hong Kong, China, Cambodia, Vietnam, Laos, and Sri Lanka.
At the time of writing, the bank is the second largest company listed on Bursa Malaysia with a market capitalisation of RM85.41 billion.
